If you are one of those savvy people who have been waiting for fixed rates to continue to drop before you decide to refinance, or as a first time home buyer, decide to buy, we may be at - or very close to the bottom.
The following post appeared on Canadian Mortgage Trends website yesterday and has some very valid reasons to get locked in sooner than later:
"Earlier today, 5-year bond yields broke above 2% for the first time in 8 weeks.
Keep an eye on the chart. A further 10-20 basis point increase might prompt certain lenders to start lifting fixed mortgage rates.
If you’re considering a new fixed-rate mortgage or pre-approval, there has never been a better time to apply."
(Chart data courtesy of the Bank of Canada. Please note: This is not a prediction or recommendation. Market conditions can change at any time.)
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